Top crypto projects like Cardano [ADA] They appear to have doubled their growth and development during bear markets. Input Output Hong Kong (IOHK), the company responsible for developing the Cardano blockchain, announced a development milestone.
IOHK uncovered That it successfully rolled out Node 1.35.0, a major milestone ahead of its mainnet Vassil upgrade. Cardano is gearing up for the Vasil Mainnet Upgrade, a highly anticipated upgrade that will boost Cardano’s capacity and performance. The successful launch will be instrumental in supporting the Node 1.35.0 Vasil upgrade.
Additionally, IOHK confirmed that Cardano is ready with all core aspects of its software and testing (on Plutus v2 code) has yielded favorable results. IOHK increased its focus on security for all of its partners who will be part of the Cardano ecosystem.
Declaration and its impact on investor decisions
Cardano’s native cryptocurrency ADA has been in an uptrend for four days. While IOHK’s recent announcement confirms a significant development milestone, at press time there were no significant reversals associated with the unveiling. ADA was trading at $0.51 at press time after a 16% weekly rally. Its recent uptrend started after a retest of structural support near $0.44.
ADA’s recent bullish performance underscores the lack of sufficient selling pressure to push the price below recent support. As a result, some investor confidence has returned to the market, as evidenced by the Binance funding rate. On the other hand, the bullish volume was relatively weak.
Particularly weak volume over the past 24 hours indicates less accumulation at recent levels. The Cardano supply held by Whale Metrics shows that there has been a significant outflow in the last 24 hours, which explains why the price has failed to secure any significant upside potential.
Is the sun shining for ADA?
IOHK’s latest development milestone for Cardano speaks volumes about how far the project has come. Vasil is in late-stage mainnet development, which means Cardano will soon be working on full Steam and onboard users. This will pave the way for greater organic demand for ADA in the long term.